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XAUUSD Cycle Wave z Tests $2K!

Started by PocketOption, Sep 08, 2022, 09:34 am

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PocketOption

XAUUSD Cycle Wave z Tests $2K!


The current structure of the XAUUSD pair hints at a global correction pattern. This takes the form of a cycle triple zigzag.


The last section of the chart shows the structure of the bearish cycle intervening wave x. This ended as a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.


After the completion of the cycle wave x, prices moved higher. The initial part of the cycle wave z is being built now. As shown in the chart, it could take the form of a primary standard zigzag Ⓐ-Ⓑ-Ⓒ.


The price of gold in the wave z could rise to 1990.57. At that level, it will be at 76.4% of previous actionary wave y of the cycle degree.



In the second view, the downward movement of the pair is likely to continue in the cycle wave x. Wave x is also a triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. However, the final primary wave Ⓩ is still under development and could take the form of an intermediate zigzag (A)-(B)-(C).


The final of the correction pattern zigzag (A)-(B)-(C) is possible near 1565.27. At that level, it will be at 76.4% of primary wave Ⓨ.


Only after reaching the specified level, the development of the cycle wave z will begin.


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